The second round of talks between representatives of Seoul and Pyongyang lasted for over 24 hours

SEOUL, August 24. /TASS/. Senior aides to the leaders of North and South Korea, negotiating at the border village of Panmunjom, have reached an agreement, South Korea's Yonhap news agency reported.

"South Korea and North Korea reached an agreement Tuesday," the agency quoted Seoul's presidential spokesman as saying, adding that details of the agreement would be announced at 2 a.m. local time on Tuesday /8 p.m. Moscow time on Monday/.

Top negotiators of the two sides have been in marathon talks since Saturday seeking to defuse tensions on the Korean peninsula.

The situation there deteriorated seriously on Thursday after North and South Korea exchanged artillery fire in the western part of the Demilitarized Zone (DMZ). Seoul claimed that North Korea was the first to open fire and the artillery shelling was aimed at South Korea’s propaganda loudspeakers installed nearby. Pyongyang rejected the allegations.

On the same day, North Korea forwarded an ultimatum to South Korea to stop broadcasting anti-Pyongyang propaganda through loudspeakers, to dismantle the equipment within next 48 hours and threatened military action otherwise. Seoul declared it would not meet Pyongyang’s demands.

The meeting at the Demilitarized Zone village began soon after the deadline for North Korea's ultimatum expired.